Visa sees its profits jump

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Visa’s quarterly profit rose more than expected as increasingly confident consumers spent more, but doubts remain about the payment network’s ability to grow under looming regulation.

Revenues rose 15 per cent to $2.25bn (£1.37bn), slightly above expectations. Its net income of $881m for its fiscal second-quarter compared to $713m a year ago. Shares fell in after-hours trading yesterday, as Visa failed to beat expectations by the wide margins investors were once used to. The company also said its board had authorised a $1bn share buyback programme.